1. United States
2. Mass.
3. Letter

The recent federal appeals court ruling blocking the implementation of the Biden administration's SAVE plan is a significant setback for millions of student loan borrowers struggling with unaffordable monthly payments. This plan, aimed at lowering monthly payments and providing a faster path towards loan cancellation, offered much-needed relief to those burdened by the rising costs of education. It is crucial that Congress acts swiftly to codify the key provisions of the SAVE plan into federal law. By doing so, they can ensure that borrowers have access to affordable repayment options and expedited loan forgiveness, without being subject to the whims of shifting legal battles. The plan's proposed reduction in monthly income-based repayment from 10% to 5% of discretionary income would make a tangible difference in the financial well-being of countless individuals and families. Furthermore, the retroactive credits granted towards loan forgiveness through the Public Service Loan Forgiveness (PSLF) program have already provided relief to thousands of public servants who have dedicated their careers to serving our communities. Enshrining these changes into law would not only protect this progress but also signal a commitment to supporting those who have chosen to work in vital fields like education, healthcare, and public safety. The burden of student loan debt has far-reaching consequences, impacting individuals' ability to build wealth, purchase homes, and plan for the future. By codifying the SAVE plan, Congress can take a significant step towards addressing this issue and ensuring that higher education remains an accessible and viable path for all Americans, regardless of their financial circumstances.